Finzly Newsletter: March 2025
Fed pushes Fedwire ISO 20022 deadline to July - But Finzly’s customers are already ready
In a last-minute shift, the Federal Reserve announced on February 13, 2025, that the Fedwire ISO 20022 migration - originally set for March 10, will now take place on July 14, 2025. While the delay gives financial institutions (FIs) more time, many were racing toward the deadline with bare minimum solutions.
Datos Insights reveals that while 79% of FIs claimed to be “on track,” only 13% had received all necessary system updates. A troubling 8% were still waiting on critical upgrades with just weeks to go.
With the Fedwire ISO 20022 delay, more FIs are leveraging the extra time to adopt modern, composable solutions like Finzly. Recently, Wings Credit Union successfully went live on Finzly’s ISO 20022-native Fedwire in just 16 weeks, while Live Oak Bank is already live on ISO 20022 Fedwire - both achieving 100% straight-through processing (STP).
US Faster Payments Council Webinar
Vantage Bank chooses Finzly to modernize payment operations through a unified payment hub
The bank will consolidate instant payments, Fedwire, and FX onto a single platform, enhancing services for its international clients. With Finzly’s payment APIs, Vantage Bank is also laying the groundwork for expansion into embedded finance, a sector projected to reach $7 trillion globally by 2030. Learn more Vantage Bank
Vantage Bank is revolutionizing how we manage payments across all our business lines with this Finzly platform. Not only does it streamline the payment process, but it also unlocks valuable data, enabling us to enhance internal automation and respond swiftly to our customers' evolving needs, now and in the future.
Shawn Main , Chief Business Architect at Vantage Bank
Get Ready for Finzly’s biggest event of 2025 - finzpire is coming!
Instant Payments Made Easy: How credit unions can quickly modernize payment infrastructure
In today's rapidly evolving financial landscape, the demand for speed, convenience, and security in payment processing has never been higher. Consumers and businesses alike expect immediate access to funds, seamless transactions, and innovative financial solutions. For credit unions (CUs), meeting these expectations is not just a matter of member satisfaction but a critical factor in retaining competitiveness. Embracing instant payments is a strategic imperative for CUs aiming to fulfill their members' needs and secure their position in the financial ecosystem. Learn more
Time for Change: A Wake-up Call for the Industry
A recent Finzly and American Banker webinar revealed some concerning statistics:
These numbers reflect a growing recognition within the industry that legacy payment systems are struggling to meet today's demands. The drawbacks of these systems include manual processes for investigating ACH payments, inefficient steps for wire transfers, and outdated workflows that increase operational risk.
Catch up with the discussion here.
3 Ways FIs of All Sizes Benefit from Higher RTP Dollar Limits
The Clearing House (TCH) has just hit another monumental real-time payments milestone—one that greatly benefits financial institutions (FIs).
On February 10, BNY Mellon announced that it had successfully transmitted USD$10 million instantaneously over TCH’s RTP? Network. The transaction was the first of that value to flow over the RTP rails since the limit increased the day prior and was the product of an inter-company liquidity management payment. According to TCH, this transaction demonstrated, “new opportunities for businesses to move money faster, optimize cash flow, and streamline financial operations.” Learn more
How Family Banking Can Boost Deposit Growth for Community Banks
Family banking could be a great starting point. With big names like U.S. Bank and Bank of America rolling out new family deposit accounts, it’s clear these products offer real convenience and value for consumers, making them a smart option for driving deposit growth. Learn more